Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law in respect of their income-producing properties – for example, a rental property, office building or factory.
A thorough physical inspection of the property by a quantity surveyor plays a vital role in this process in order to, amongst other things:
- identify all possible deductions available under the tax law;
- provide accurate valuations of qualifying plant and building works;
- provide supporting documentation of a taxpayer’s claims for depreciation and capital works deductions, which is prudent in the event of an ATO audit.
We have become aware that some quantity surveyors are promoting tax depreciation reports that do not include a physical inspection of the property due to COVID-19 precautions.
Usually, the reports are provided, with an offer to do an inspection at a later time when it is possible to do so.
However, in some cases, no offer of a site inspection is made at all.
Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made. This could result in costly adjustments if a taxpayer has to subsequently amend their tax return or is audited.
If you have any questions regarding this matter, contact our office on 08 9392 7600 to speak to one of our friendly agents.
Recent Posts
Archives
- April 2024
- March 2024
- February 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- December 2019
- November 2019
- October 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- February 2019
Recent Comments